Legislated spending of up to $4 billion not expected to halve Texas rainy day fund
By W. Gardner Selby
Published on Friday, June 7th, 2013 at 12:00 p.m.
As Texas lawmakers edged toward agreement on future spending, a conservative advocate warned that the GOP-majority Legislature was halving state reserves.
In a May 22, 2013, Twitter post, Michael Sullivan, president of Empower Texans, which advocates less government, wrote: "#txlege will be drawing current Economic Stabilization Fund down by half: $4 billion from current $8 billion."
Sullivan was referring to the kitty informally known as the state’s rainy day fund.
But his analysis compared current and future legislated spending solely against the fund's 2013 balance when the state expects the fund to accumulate more revenue through August 2015. Our Truth-O-Meter rating came out Mostly False.
See relevant number-crunching plus some thoughts from fiscal experts in our full article to the right.
See the Truth-O-Meter article.
Researchers: W. Gardner Selby
Names in this article: Michael Sullivan
We want to hear your suggestions and comments. Email the Texas Truth-O-Meter with feedback and with claims you'd like to see checked. If you send us a comment, we'll assume you don't mind us publishing it unless you tell us otherwise.